S'pore Tops Region's Private Equity Market in 2024

It secures nearly half of $21 billion raised in S-E Asia but latest US tariffs darken outlook

- Timothy Goh

Singapore took the lead in South-east Asia's private equity (PE) market in 2024 amid a rise in deal value, but US President Donald Trump's tit-for-tat tariffs could dampen the regional fund-raising environment.

The Republic secured US$7.6 billion (S$10 billion) of capital investment in companies that are not publicly traded, nearly half of the US$16 billion (S$21.1 billion) raised across South-east Asia, said global management consultancy Bain & Company in its South-east Asia Private Equity Report 2024.

The figure is an increase from US$4.2 billion in 2023, when the region raised US$9.9 billion.

Singapore also led the region in deal count, with 60 of the 98 transactions in 2024, down slightly from 67 out of 115 in 2023.

Bain noted that the rise in deal value in 2024 was driven largely by Singapore and Indonesia, buoyed by large investments in digital infrastructure.

Exit activity expanded with a 30 per cent increase in value, driven by deals in Singapore and Malaysia.

But ageing portfolios—where investments are held longer due to poor market conditions—and a subdued initial public offering market continue to slow exits across the region.